Rocket Lab Usa Inc Financials
Rocket Lab Usa Inc (RKLB) reported $601.8M in revenue for fiscal year 2025, up 38.0% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Rocket Lab's business is shifting toward better gross economics, while cash consumption reflects deliberate build-out more than debt dependence.
From FY2023 to FY2025, gross margin widened from21.0% to34.4% , showing better unit economics. But free cash flow fell to-$321.8M as R&D plus capex outgrew gross profit, so the cash story is expansion-led rather than simple operating deterioration. That combination says the company is extracting more gross profit from each dollar of sales, but spending ahead of current scale.
FY2025 also changed the balance-sheet posture: cash rose to
The gap between net loss and operating cash flow stayed fairly tight in FY2025, at
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Rocket Lab Usa Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Rocket Lab Usa Inc scores 46.30, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($46.6B) relative to total liabilities ($602.6M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Rocket Lab Usa Inc passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
Rocket Lab Usa Inc reported a net loss of $198.2M while operations used $165.5M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Rocket Lab Usa Inc reported an operating loss of $228.8M against $26.5M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Rocket Lab Usa Inc generated $601.8M in revenue in fiscal year 2025. This represents an increase of 38.0% from the prior year.
Rocket Lab Usa Inc's EBITDA was -$184.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 18.4% from the prior year.
Rocket Lab Usa Inc reported -$198.2M in net income in fiscal year 2025. This represents a decrease of 4.2% from the prior year.
Rocket Lab Usa Inc earned -$0.37 per diluted share (EPS) in fiscal year 2025. This represents an increase of 2.6% from the prior year.
Cash & Balance Sheet
Rocket Lab Usa Inc recorded an outflow of $321.8M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 177.5% from the prior year.
Rocket Lab Usa Inc held $828.7M in cash against $1.7M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Rocket Lab Usa Inc's gross margin was 34.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 7.8 percentage points from the prior year.
Rocket Lab Usa Inc's operating margin was -38.0% in fiscal year 2025, reflecting core business profitability. This is up 5.5 percentage points from the prior year.
Rocket Lab Usa Inc's net profit margin was -32.9% in fiscal year 2025, showing the share of revenue converted to profit. This is up 10.7 percentage points from the prior year.
Rocket Lab Usa Inc's ROE was -11.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 38.2 percentage points from the prior year.
Capital Allocation
Rocket Lab Usa Inc invested $270.7M in research and development in fiscal year 2025. This represents an increase of 55.2% from the prior year.
Rocket Lab Usa Inc invested $156.3M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 132.9% from the prior year.
Not reported for fiscal year 2025.
RKLB Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|---|
| Revenue | $769.1M | $601.8M+38.0% | $436.2M+78.3% | $244.6M+15.9% | $211.0M+239.0% | $62.2M+77.0% | $35.2M |
| Cost of Revenue | $482.5M | $394.6M+23.3% | $320.1M+65.7% | $193.2M+0.6% | $192.0M+199.4% | $64.1M+36.5% | $47.0M |
| Gross Profit | $286.6M | $207.2M+78.4% | $116.1M+125.9% | $51.4M+170.7% | $19.0M+1103.2% | -$1.9M+84.0% | -$11.8M |
| R&D Expenses | $312.4M | $270.7M+55.2% | $174.4M+46.5% | $119.1M+82.7% | $65.2M+56.0% | $41.8M+118.2% | $19.1M |
| SG&A Expenses | $197.7M | $165.3M+25.7% | $131.6M+19.3% | $110.3M+23.9% | $89.0M+52.5% | $58.4M+143.4% | $24.0M |
| Operating Income | -$223.5M | -$228.8M-20.6% | -$189.8M-6.7% | -$177.9M-31.6% | -$135.2M-32.5% | -$102.1M-85.7% | -$55.0M |
| Interest Expense | N/A | $26.5M+1.2% | $26.2M+49.4% | $17.5M | N/A | N/A | N/A |
| Income Tax | -$26.3M | -$27.7M-3724.1% | $764K-79.1% | $3.6M+21.7% | $3.0M+139.9% | -$7.5M-1710.3% | $467K |
| Net Income | -$165.5M | -$198.2M-4.2% | -$190.2M-4.2% | -$182.6M-34.3% | -$135.9M-15.9% | -$117.3M-113.3% | -$55.0M |
| EPS (Diluted) | — | -$0.37+2.6% | -$0.380.0% | -$0.38-31.0% | -$0.29 | -$0.56 | -$0.73 |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
RKLB Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Total Assets | $2.3B+96.3% | $1.2B+25.8% | $941.2M-4.8% | $989.1M+0.8% | $980.8M+422.1% | $187.9M |
| Current Assets | $1.4B+97.2% | $692.6M+45.3% | $476.7M-28.0% | $662.3M-14.5% | $774.8M+732.1% | $93.1M |
| Cash & Equivalents | $828.7M+205.7% | $271.0M+66.8% | $162.5M-33.0% | $242.5M-64.9% | $691.0M+1208.8% | $52.8M |
| Inventory | $158.4M+33.0% | $119.1M+10.4% | $107.9M+16.9% | $92.3M+92.6% | $47.9M+83.3% | $26.1M |
| Accounts Receivable | $39.0M+7.0% | $36.4M+3.6% | $35.2M-3.8% | $36.6M+162.0% | $14.0M+411.2% | $2.7M |
| Goodwill | $205.8M+189.7% | $71.0M0.0% | $71.0M0.0% | $71.0M+64.0% | $43.3M+1282.3% | $3.1M |
| Total Liabilities | $602.6M-24.8% | $801.9M+107.4% | $386.7M+22.4% | $315.9M+11.9% | $282.4M-20.4% | $354.6M |
| Current Liabilities | $334.5M-1.5% | $339.5M+52.0% | $223.4M+37.1% | $162.9M+69.2% | $96.3M+98.9% | $48.4M |
| Long-Term Debt | $1.7M-96.1% | $44.0M-49.7% | $87.6M-12.5% | $100.0M+2.8% | $97.3M | $0 |
| Total Equity | $1.7B+350.2% | $382.5M-31.0% | $554.5M-17.6% | $673.2M-3.6% | $698.4M+519.0% | -$166.7M |
| Retained Earnings | -$1.0B-24.4% | -$813.7M-30.5% | -$623.5M-41.4% | -$441.0M-44.6% | -$305.0M-62.5% | -$187.7M |
RKLB Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$222.5M | -$165.5M-238.6% | -$48.9M+50.5% | -$98.9M+7.2% | -$106.5M-48.4% | -$71.8M-158.6% | -$27.8M |
| Capital Expenditures | $148.7M | $156.3M+132.9% | $67.1M+22.6% | $54.7M+29.0% | $42.4M+65.0% | $25.7M+2.3% | $25.1M |
| Free Cash Flow | -$371.1M | -$321.8M-177.5% | -$116.0M+24.5% | -$153.6M-3.1% | -$148.9M-52.8% | -$97.5M-84.4% | -$52.9M |
| Investing Cash Flow | -$396.0M | -$347.4M-253.3% | -$98.3M-918.2% | $12.0M+103.5% | -$346.1M-275.6% | -$92.1M-146.8% | -$37.3M |
| Financing Cash Flow | $2.2B | $1.1B+317.4% | $256.7M+3383.3% | $7.4M+261.0% | $2.0M-99.7% | $799.9M+3624.5% | $21.5M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
RKLB Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Gross Margin | 34.4%+7.8pp | 26.6%+5.6pp | 21.0%+12.0pp | 9.0%+12.0pp | -3.0%+30.6pp | -33.6% |
| Operating Margin | -38.0%+5.5pp | -43.5%+29.2pp | -72.7%-8.7pp | -64.1% | -164.0% | -156.3% |
| Net Margin | -32.9%+10.7pp | -43.6%+31.0pp | -74.6%-10.2pp | -64.4% | -188.5% | -156.4% |
| Return on Equity | -11.5%+38.2pp | -49.7%-16.8pp | -32.9%-12.7pp | -20.2%-3.4pp | -16.8% | N/A |
| Return on Assets | -8.5%+7.5pp | -16.1%+3.3pp | -19.4%-5.7pp | -13.7%-1.8pp | -12.0%+17.3pp | -29.3% |
| Current Ratio | 4.08+2.0x | 2.04-0.1x | 2.13-1.9x | 4.06-4.0x | 8.04+6.1x | 1.92 |
| Debt-to-Equity | 0.00-0.1x | 0.120.0x | 0.160.0x | 0.150.0x | 0.14 | N/A |
| FCF Margin | -53.5%-26.9pp | -26.6%+36.2pp | -62.8%+7.8pp | -70.6% | -156.6% | -150.4% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
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Where Rocket Lab Usa Inc Ranks
Frequently Asked Questions
What is Rocket Lab Usa Inc's annual revenue?
Rocket Lab Usa Inc (RKLB) reported $601.8M in total revenue for fiscal year 2025. This represents a 38.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Rocket Lab Usa Inc's revenue growing?
Rocket Lab Usa Inc (RKLB) revenue grew by 38.0% year-over-year, from $436.2M to $601.8M in fiscal year 2025.
Is Rocket Lab Usa Inc profitable?
No, Rocket Lab Usa Inc (RKLB) reported a net income of -$198.2M in fiscal year 2025, with a net profit margin of -32.9%.
What is Rocket Lab Usa Inc's EBITDA?
Rocket Lab Usa Inc (RKLB) had EBITDA of -$184.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Rocket Lab Usa Inc have?
As of fiscal year 2025, Rocket Lab Usa Inc (RKLB) had $828.7M in cash and equivalents against $1.7M in long-term debt.
What is Rocket Lab Usa Inc's gross margin?
Rocket Lab Usa Inc (RKLB) had a gross margin of 34.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Rocket Lab Usa Inc's operating margin?
Rocket Lab Usa Inc (RKLB) had an operating margin of -38.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Rocket Lab Usa Inc's net profit margin?
Rocket Lab Usa Inc (RKLB) had a net profit margin of -32.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Rocket Lab Usa Inc's return on equity (ROE)?
Rocket Lab Usa Inc (RKLB) has a return on equity of -11.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Rocket Lab Usa Inc's free cash flow?
Rocket Lab Usa Inc (RKLB) recorded an outflow of $321.8M in free cash flow during fiscal year 2025. This represents a -177.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Rocket Lab Usa Inc's operating cash flow?
Rocket Lab Usa Inc (RKLB) recorded an outflow of $165.5M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Rocket Lab Usa Inc's total assets?
Rocket Lab Usa Inc (RKLB) had $2.3B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Rocket Lab Usa Inc's capital expenditures?
Rocket Lab Usa Inc (RKLB) invested $156.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Rocket Lab Usa Inc spend on research and development?
Rocket Lab Usa Inc (RKLB) invested $270.7M in research and development during fiscal year 2025.
What is Rocket Lab Usa Inc's current ratio?
Rocket Lab Usa Inc (RKLB) had a current ratio of 4.08 as of fiscal year 2025, which is generally considered healthy.
What is Rocket Lab Usa Inc's debt-to-equity ratio?
Rocket Lab Usa Inc (RKLB) had a debt-to-equity ratio of 0.00 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Rocket Lab Usa Inc's return on assets (ROA)?
Rocket Lab Usa Inc (RKLB) had a return on assets of -8.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Rocket Lab Usa Inc's cash runway?
Based on fiscal year 2025 data, Rocket Lab Usa Inc (RKLB) had $828.7M in cash against an annual operating cash burn of $165.5M. This gives an estimated cash runway of approximately 60 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Rocket Lab Usa Inc's Altman Z-Score?
Rocket Lab Usa Inc (RKLB) has an Altman Z-Score of 46.30, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Rocket Lab Usa Inc's Piotroski F-Score?
Rocket Lab Usa Inc (RKLB) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Rocket Lab Usa Inc's earnings high quality?
Rocket Lab Usa Inc (RKLB) reported a net loss of $198.2M while operations used $165.5M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Rocket Lab Usa Inc cover its interest payments?
Rocket Lab Usa Inc (RKLB) reported an operating loss of $228.8M against $26.5M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Rocket Lab Usa Inc?
Rocket Lab Usa Inc (RKLB) scores 64 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.